I have always stayed conservative. I hope it pays off. I have had mortgages now for over 30 years. I remember when loan officers would say "no". And I remember getting my first mortgage. He made sure I could handle the monthly payment and that I had enough downpayment to avoid pmi.
I sold that house after two years of sweat equity for $75k. I paid $44k. That allowed me to build another one and that set me on a path of having equity in my homes enough to weather downturns.
Then life took a turn, I had to move here to Indiana and lived in a house in Lafayette that I sold for only $16k more than I paid for it 16 years prior. Then moving to Bloomington where house prices were probably 30% higher than Lafayette, I had to buy a project.
So life got put on hold for the last five years to get this house functional. I still have a deck to replace, a porch to rescreen and landscaping. But at least I'm fully
functional inside now.
I sold that house after two years of sweat equity for $75k. I paid $44k. That allowed me to build another one and that set me on a path of having equity in my homes enough to weather downturns.
Then life took a turn, I had to move here to Indiana and lived in a house in Lafayette that I sold for only $16k more than I paid for it 16 years prior. Then moving to Bloomington where house prices were probably 30% higher than Lafayette, I had to buy a project.
So life got put on hold for the last five years to get this house functional. I still have a deck to replace, a porch to rescreen and landscaping. But at least I'm fully
functional inside now.